Challenge
After a long-standing relationship with another search firm, our client turned to us to find a chief financial officer who could step in quickly to replace the outgoing CFO who had left suddenly.
The CEO needed to recruit a talented financial officer who could join the company with minimum delay. Not only was timing crucial, but the client wanted someone with a product or manufacturing background and international experience.
Action
Building on our detailed knowledge of the candidate pool of senior finance executives, we identified a shortlist of highly qualified candidates who could demonstrate the experience, maturity and leadership qualities necessary to make an immediate impact in the role. They were drawn from a range of industries, in keeping with the client’s wishes.
Within eight weeks of starting the search and having met each of the shortlisted candidates, the client had chosen an outstanding executive who had accumulated impressive, broad-based and relevant experience in several sectors over a fairly short career.
Although not currently working in the industry, the candidate’s previous pharmaceutical experience and international exposure proved irresistible to our client, who had no hesitation in offering him the position. Having been persuaded to move his family from Europe to the U.S., he took up the position within two months of the offer.
Result
It quickly became clear that better systems of financial control and technical accounting were needed in the business. Upon arrival, our placement was faced with having to restate the company’s earnings over a several-year period, which involved extensive dealings with the regulatory authorities.
The new chief financial officer commissioned Spencer Stuart to conduct a review of the company’s top 50 finance executives worldwide to determine the capabilities of existing staff and identify any gaps.
As a result of this review, carried out in six weeks on several continents by members of our global Financial Officer Practice, the client instigated several searches for senior finance positions, including heads of tax, tax compliance, treasury, control, and internal audit. Following a series of successful placements, the client invited us to conduct various searches for top executives in other parts of the business.